A daily close on XLF financial sector etf below 26.80 would break horizontal support and be the lowest close for 6 months and would also be a close below uptrend since 2016....BEARISH
Took profit at 1291 on short from 1324 last week. Now neutral. Can see more downside potentially into 1280s but becoming a bit overdone imo and may be ready to find support shortly.
APPLE is at the top of its long term rising wedge formation on the weekly charts with huge triple negative divergence. It has rallied roughly 20% in just the last 2 weeks on Buffett news as much as anything else. Once this leg up is concluded there could be substantial downside ahead (20%+ lower)
USDJPY still holding short term uptrend (only just) but a close below 109.20 area on 4H would suggest 108.65 potentially and if that breaks then all the way back to 107.30 (double top target). Until uptrend breaks however this could simply be an ascending triangle/consolidation. Next 12-24 hours should be the guide.
Could have finished a pretty looking WXY upward correction in QQQ where w=y. Sell with stops above highs for decent sized pullback at a minimum if not much larger downside.
Pretty WXY w=y correction to the upside in NDX. Looking for lower from here short term at least
Possible rising wedge in wave 5 position in Crude Oil. Return to origin of wedge/wave 4 in low 60's possible now.
The intraday rebound in the SPX from the lows could simply be an attempt to fill the opening gap down prior to weakness later in the day
If this H+S top pattern plays out (need close below 100) then low 80s could be on the cards
Similar scenario to GOOGL chart. Testing key uptrend (6950-7000) a close below that zone could result in a further 10% tumble.
As I have spoken about previously the single most important technical chart for the stock markets right now is GOOGL. The 9 year uptrend from 2009 lows is being tested repeatedly. A definitive close below 1000 and this is headed 10% LOWER imo.
Oversold RSI on 4h plus clean looking EW count suggests we may have finished a small degree iii wave and now due for a small bounce in iv to around 1.21 where potential for short set up (stop 1.2215) for a wave v lower into 1.1850 zone in coming days.
Bearish throw over for INTC last week post earnings outside rising wedge, failure is bearush
Failed thrust up last week could be a very bearish signal med term
MSFT thrust last week and failure could be very bearish signal
Barometer for market direction is still GOOGL imo. 9 year uptrend from 2009 lows comes in around 1010-1020 depending on how you draw it and timeframes etc. A decisive close below 1000 has MAJOR implications for the whole market imo.